The Ministry of SMEs and Startups announced on the 30th that the Korea Angel Investment Association will be designated as a public interest organization effective July 1 and will be officially announced in the government gazette. Accordingly, starting in the second half of the year, the association will be included in the ministry's audit targets, and the Anti-Corruption and Civil Rights Commission Law and the Conflict of Interest Prevention Act will be fully applicable to its employees.
A public interest organization is a system that imposes obligations such as asset registration, employment restrictions, and gift reporting on institutions or organizations that have significant public interest. Earlier, the Ministry of SMEs and Startups applied to the Ministry of Personnel Management in April to designate the Angel Investment Association as a public interest organization, determining that ensuring public interest was necessary for the association’s obligations to register personal investment associations, support issuance of investment confirmation letters, and operate regional angel investment hub projects.
Meanwhile, the Angel Investment Association, established in 2012 as a non-profit corporate association, has contributed to the activation of the angel investment ecosystem by nurturing angel investors, expanding its base, and supporting the growth of venture and startup corporations.
Cho Min-sik, chairman of the Angel Investment Association, emphasized, “Through this designation as a public interest organization, we will become a trusted institution for both investors and startup corporations,” and added, “We will transform into a representative institution that contributes to national economic development through the activation of angel investment.”